Bank of New York Mellon Corp Acquires 27,067 Shares of Nextdoor Holdings, Inc. (NYSE:KIND)

Bank of New York Mellon Corp increased its holdings in shares of Nextdoor Holdings, Inc. (NYSE:KIND) by 6.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 422,076 shares of the company’s stock after acquiring an additional 27,067 shares during the period. Bank of New York Mellon Corp’s holdings in Nextdoor were worth $1,000,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of KIND. R Squared Ltd purchased a new stake in Nextdoor in the fourth quarter worth $45,000. Intech Investment Management LLC bought a new position in shares of Nextdoor in the third quarter worth about $84,000. Verition Fund Management LLC increased its stake in Nextdoor by 142.9% in the 3rd quarter. Verition Fund Management LLC now owns 52,900 shares of the company’s stock worth $131,000 after buying an additional 31,121 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Nextdoor during the 3rd quarter valued at about $152,000. Finally, FMR LLC boosted its position in Nextdoor by 1,609.1% in the 3rd quarter. FMR LLC now owns 62,690 shares of the company’s stock valued at $155,000 after buying an additional 59,022 shares during the period. 35.66% of the stock is owned by institutional investors.

Nextdoor Stock Up 3.3 %

Shares of KIND stock opened at $1.75 on Tuesday. The company’s 50 day moving average is $2.29 and its 200 day moving average is $2.40. The firm has a market cap of $674.10 million, a price-to-earnings ratio of -5.45 and a beta of 1.14. Nextdoor Holdings, Inc. has a 52-week low of $1.60 and a 52-week high of $3.00.

Nextdoor (NYSE:KIND) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). Nextdoor had a negative return on equity of 19.42% and a negative net margin of 53.23%. The firm had revenue of $65.23 million during the quarter, compared to analyst estimates of $63.12 million. Analysts anticipate that Nextdoor Holdings, Inc. will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Sophia Schwartz sold 15,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $1.72, for a total value of $25,800.00. Following the completion of the transaction, the general counsel now owns 267,445 shares in the company, valued at $460,005.40. This trade represents a 5.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 46.04% of the company’s stock.

Analyst Upgrades and Downgrades

KIND has been the topic of several research analyst reports. The Goldman Sachs Group dropped their price objective on Nextdoor from $3.00 to $2.50 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Craig Hallum started coverage on Nextdoor in a report on Thursday, January 30th. They issued a “buy” rating and a $4.00 target price for the company.

Nextdoor Company Profile

Nextdoor Holdings, Inc operates a neighborhood network that connects neighbors, businesses, and public services in the United States and internationally. The company enables neighbors and organizations to get information, give and get help, and build connections. It also offers advertising solutions, designs to generate value for businesses for connection and sales expansion.